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View Poll Results: Homeowners, what was the relationship between your gross income and the purchase price of your home
less than 1 x gross income 0 0%
1x 3 14.29%
2x 11 52.38%
3x 4 19.05%
4x 2 9.52%
5x 0 0%
6x 0 0%
7x 1 4.76%
8x 0 0%
greater than 8 x gross income 0 0%
Voters: 21. You may not vote on this poll

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Old 10-01-2012, 08:31 AM
 
Location: Nesconset, NY
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Homeowners, at the time you bought your current home, what was the approximate relationship between your gross income and the price you paid for the house?

For my wife and I, the purchase price was a little over 3.75x. While any equity in the house we sold would change this ratio we kept most of our equity in savings for renovations and put down a smaller down payment; making the purchase price about 3.25x.

For the purposes of this poll, let's disregard down payment, financing, etc. and just compare gross salary : purchase price.

Last edited by James1202; 10-01-2012 at 08:47 AM.. Reason: clarification
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Old 10-03-2012, 06:43 PM
 
Location: NC
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Mine is like 3x (2.8 to be exact)
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Old 10-04-2012, 11:44 AM
 
11,194 posts, read 22,422,847 times
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2.8

I bought in 2008, so I'm sure now it would be down to around 2.2 or so

My friend just bought a BEAUTIFUl large two-bedroom condo with two decks, right near a new target and two grocerty stores, a block from the L, 10 minute walk from Lake Michigan and Lincoln Park, granite......$135,000. Ugh. She probalby makes around $70K and got it with a 3.10% interest rate.
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Old 10-04-2012, 12:04 PM
 
Location: Glendale, CA
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Our's was 3.42 in here in So Cal. We purchased about 2 years ago.
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Old 10-04-2012, 03:00 PM
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Location: Long Island / NYC
45,992 posts, read 42,110,497 times
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Quote:
Originally Posted by Chicago60614 View Post

My friend just bought a BEAUTIFUl large two-bedroom condo with two decks, right near a new target and two grocerty stores, a block from the L, 10 minute walk from Lake Michigan and Lincoln Park, granite......$135,000. Ugh. She probalby makes around $70K and got it with a 3.10% interest rate.
Is there a catch? Most of the 2 bedroom condos here cost at least that much in the large towns / small cities of Western Massachusetts.
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Old 10-04-2012, 07:36 PM
 
Location: West Michigan
12,083 posts, read 34,215,014 times
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About 1.5X.
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Old 10-05-2012, 07:50 AM
 
Location: Nesconset, NY
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Quote:
Originally Posted by Bydand View Post
About 1.5X.
I'm envious. lol.
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Old 10-06-2012, 07:55 PM
 
Location: West Michigan
12,083 posts, read 34,215,014 times
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Quote:
Originally Posted by LIGuy1202 View Post
I'm envious. lol.
Just have to live in an area with decent wages and a low cost of living .
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Old 10-07-2012, 09:09 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,405 posts, read 55,283,145 times
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For me its the other way around. My annual income is 4.5 times greater than the cash price I paid for this home. I lucked out that I bought during the depths of the recession and housing crash.
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